MCA vide its notification[1] dated February 27, 2018 has amended the Companies (Accounts) Rules, 2014, as per which the following proviso shall be inserted in Rule 10 which deals with statement containing salient features of financial statements referred in 1st proviso to sub-section (1) of Section 136 –

“Provided that the Companies which are required to comply with Companies (Indian Accounting Standards) Rules, 2015 shall forward their statement in Form AOC-3A.”

Therefore, the introduction of Companies (Accounts) Amendment Rules, 2018 (‘Amended Rules’) will lead to the following:

Financial to be submitted in form

Applicability

AOC-3

Companies to which Ind AS is not applicable for FY 2017-18

AOC-3A

Companies to which Ind AS is applicable for FY 2017-18

The format of the said form has also been provided in the amended Rules, however, the e-version of the form is awaited.

Further, the format also specifically provides for the contents of the salient features of the Director’s Report which may be referred to by the companies furnishing the abridged financial statements in e-Form AOC-3A as a matter of good governance.

Amendment to Section 89 and 90 is one of the key amendments proposed in Companies (Amendment) Act, 2017 (Amendment Act). While, the Amendment Act is being enforced in phases, stakeholders have been awaiting the draft rules in relation to Significant Beneficial Ownership (SBO). MCA on 15.02.2018 issued draft Companies (Beneficial Interest and Significant Beneficial Interest) Rules, 2018[1] which is open for public comments till 07.03.2018. Read more →